I wouldn't be surprised if you didn't know about Rupert Murdoch's previous web based newspaper; this is the first I'd ever heard of it. Back in 1995 New Corp launched iGuide, a pioneering effort to bring daily news coverage to the web. It failed, and Evan Rudowski watched it happen. He wrote an article today on PaidContent.org detailing why iGuide died.
My enduring image from that time is of Murdoch himself, his hand bandaged and in a sling following a sailing accident on Larry Ellison’s boat. The iGuide team was gathered in a standing circle at our trendy downtown Manhattan offices as Murdoch rallied the troops in his gruff Australian accent. Everything was going great, he assured us, and Ellison was coming on board to help foot the bill for our extravagant operation. But, in the end Ellison, wasn’t in—and maybe six weeks later we were all out.
It's a fascinating read.